How To Budget For Your Wardrobe (PLUS A DOWNLOADABLE SPREADSHEET)

Hey loves,

I've always been very Virgo in how I organize my life. I love structure and I love to plan. Was I always good with my finances? Hellll no. Like anything, learning to be financially responsible is something that comes with mistakes. HOWEVER, even after making those mistakes, one thing I will always budget for is clothing, and I'll even leave a little room for an occasional Fendi purchase (usually off Tradesy).

I feel like so many financial articles are written that pound into your head if you want to save, you don't need a new jacket/ pair of denim/ dress, etc. This was until I read I Will Teach You To Be Rich by Ramit Sethi and it completely changed the way I think about budgeting and saving. And you know what? It worked. I highly encourage reading the book, particularly if you are between the ages of 21-30. It is such an easy read and puts finance into simple terms to understand. There are even step-by-step ways to actually make the most of your money.

But until you do, to better align this article I will give you a little overview. Basically, Sethi explains that if you budget for the things you enjoy, you'll always find a way to save money. SO, if you really enjoy online shopping (guilty) but could live with bringing your own lunch to work instead of ordering out, then budget for what makes you happy and you won't feel like you're being restricted.

In my own words: budgeting/saving is done the same way you would do a diet. If you only eat broccoli and salmon for 3 weeks, you're eventually going to overeat because you're too heavily restricting. If you don't buy clothes or go out to eat for 2 months (if these are things you REALLY enjoy) you're inevitably going to overspend and order takeout 5 days in a row because you're sick and tired of cooking (and wearing the same clothes). Sure, you may be someone who has incredible self-control (if so, please e-mail me and teach me your ways) BUT if you're like 99% of humans, we all need balance. So learn what you love, INVEST in it, and ditch what you don't.

But.... How?

You may be saying my little lesson above was great and all but your salary just does not allow any room for fun. If this is the case, I recommend you read Sethi's book first for these solutions and then come back and read this article. This could absolutely be the case and there are ways to get out of that situation.

But for those of us who know we would have a little extra at the end of the month if we didn't spend it elsewhere, there are ways to save. Something simple like doing your own hair instead of a blow-out (although not ideal) can save $70, which goes a long way if you REALLY want a pair of Jimmy Choos.

Some of my personal suggestions:

To Save:

Have a girls' night in: A few bottles of wine and take-in sushi is WAY cheaper than shots at the bar and the 5 Uber charges (because you know you won't be staying at only one bar all night)
Take a break from Amazon: This applies to whatever your kryptonite site/store is but for me, it's Amazon. All of those little purchases you're making, like face masks and candles ADD UP. I like telling myself to take a month off (and pause my Prime account to make it really serious) to reevaluate what are necessities and what is just bored buying.
Meal prepping: Whether it be for a diet or just portioning out pizza slices, meal prepping makes it so easy to save money at the grocery store when you know EXACTLY what you need. It also helps you bring breakfast and lunch to work instead of buying out everyday.

To Make More Income:

Sign up for freelance jobs on Fiverr or Upwork: There are tons of people looking to hire anything from virtual assistants to graphic designers.
Sell on Poshmark: All those unworn clothes you know you'll never wear again, get them on there!
Create an Etsy shop: if you're really creative or crafty, find a niche and get your creations up on an Etsy site to sell.

These are all that I personally know. Of course, taking on a side job or working more hours are always options but time is important too! So I wanted to list choices that won't take up extensive amounts of time. There is no better time than now to brainstorm ideas and see how you can get a couple extra dollars at the month for a new wardrobe item. After you brainstorm, it is time to move on to budgeting...

My Methods

Like I mentioned before, I love budgeting. It's how I got myself out of debt and it's how I fund my wardrobe. I rarely make a purchase without looking at my long-term financial goals. By having a budget for my wardrobe it allows me to focus on what I REALLY want instead of just browsing on Zara for hours and buying a cart full of pieces I convinced myself I needed.

Mint

I usually budget on Mint. I love this app because it is easy, I can set savings goals, and I can create budgets based off of previous months' spending habits.

My Mint Method:

Log on, if you don't have an account: set up your info.
Set a GOAL (or multiple)
1. For the purpose of this post: you can make it a long desired pair of shoes or accessory.
Create realistic budgets for all categories you need.
Check in every week to see how your budgets are looking.

The Spreadsheet Method

Sometimes we like to see things physically in front of us. That's human nature, it confirms that it's real. I love using the spreadsheet method when I need to see my financial goals in my face and really get serious. But, I also like using this method when I have carts filled on multiple sites to lay it all out and see what makes sense to buy and what I can leave behind. I made a Spreadsheet for you all SPECIFICALLY for wardrobe budgeting. Print it out (or if you're tech savvy and on your Iphone, use the mark-up feature) to fill in all the applicable info.

Download it here: My Wardrobe Budget Planner

Here is an example of what to do if you need a visual on how to set up your own: